BiographyAdam Smith was born at an unknown date in 1723 in Kirkcaldy, Scotland, and was baptized on June 5, 1723. He was raised by his previously widowed mother until he was fourteen, at which he began to attend Glasgow College. He would later graduate from Glasgow in 1740 and then attended Oxford. Unimpressed with what he had been taught there, Smith left Oxford and settled in Edinburgh. There, he started to rise in popularity from many of his public speeches. In 1751, Smith gained the position of Professor of Logic at Glasgow College, and a year later in 1752, he was rewarded the professional chair of Moral Philosophy at Glasgow. During his time at Glasgow, Adam Smith retained his ability to lecture and speak in public, and did so in English, instead of Latin, which was unnatural at the time. In the year 1759, he began his first major work called, ''The Theory of Moral Sentiments.''
This book became very attractive to the people, so popular in fact, that Smith was able to resign from his position at Glasgow and become a private tutor in 1763. After some time, he began his second major work in 1764, it was titled, ''An Inquiry into the Nature and Causes of the Wealth of Nations.'' His work was finally published in 1776. Later, in 1777, he was named the lord rector of Edinburgh University. He was also named commissioner of customs in Scotland and would keep the name until he died later on July 17, 1790.
School of ThoughtAdam Smith was a philosopher during the Classical school of thought, which took place in the 18th century. Along with him, many other major philosophers were also in the same time period, such as Robert Mathus and David Ricardo. The Classical school also was known as the first economic school of thought. This was because the primary idea of the Classical school was that markets work best when left alone and that governments only have the smallest of roles in economics. The main ideas of this school of thought affected Smith greatly during the writing of his two major works.
Major Writings"The Theory of Moral Sentiments" - Smith shows in this book that our moral ideas and actions are just a product of our nature as social creatures. "An Inquiry into the Nature and Causes of the Wealth of Nations" - As the first scientific argument for the principles of political economy, it is a point of departure for succeeding economic thought. Smith's theories of capital accumulation, growth, and secular change, continue to be influential in modern economics. Influences/Legacy Adam Smith's legacy was and still is very apparent in everyday life. He influenced the world in such a way that he became the father of what we know as capitalism today. In the 18th century, he also influenced the Classical school of thought and made it revolve around economic thought.
His writings and speeches all influenced the people of his time and continue to influence people today.
Further Reading Age-Of-The-Sage.Org, Age of the Sage.Org, www.age-of-the-sage.org/philosophy/adam_smith.html. Accessed 5 Feb. 2018. Economics Online, Economics Online, www.economicsonline.co.uk/Economic_schools.html. Accessed 30 Jan. 2018. The Theory of Moral Sentiments, Adam Smith Institute, https://www.adamsmith.org/the-theory-of-moral-sentiments/. Accessed 5 Feb. 2018.
BiographyAdam Smith was born at an unknown date in 1723 in Kirkcaldy, Scotland, and was baptized on June 5, 1723. He was raised by his previously widowed mother until he was fourteen, at which he began to attend Glasgow College. He would later graduate from Glasgow in 1740 and then attended Oxford. Unimpressed with what he had been taught there, Smith left Oxford and settled in Edinburgh. There, he started to rise in popularity from many of his public speeches. In 1751, Smith gained the position of Professor of Logic at Glasgow College, and a year later in 1752, he was rewarded the professional chair of Moral Philosophy at Glasgow. During his time at Glasgow, Adam Smith retained his ability to lecture and speak in public, and did so in English, instead of Latin, which was unnatural at the time. In the year 1759, he began his first major work called, ''The Theory of Moral Sentiments.''
This book became very attractive to the people, so popular in fact, that Smith was able to resign from his position at Glasgow and become a private tutor in 1763. After some time, he began his second major work in 1764, it was titled, ''An Inquiry into the Nature and Causes of the Wealth of Nations.'' His work was finally published in 1776. Later, in 1777, he was named the lord rector of Edinburgh University. He was also named commissioner of customs in Scotland and would keep the name until he died later on July 17, 1790.
School of ThoughtAdam Smith was a philosopher during the Classical school of thought, which took place in the 18th century. Along with him, many other major philosophers were also in the same time period, such as Robert Mathus and David Ricardo. The Classical school also was known as the first economic school of thought. This was because the primary idea of the Classical school was that markets work best when left alone and that governments only have the smallest of roles in economics. The main ideas of this school of thought affected Smith greatly during the writing of his two major works.
Major Writings"The Theory of Moral Sentiments" - Smith shows in this book that our moral ideas and actions are just a product of our nature as social creatures.
"An Inquiry into the Nature and Causes of the Wealth of Nations" - As the first scientific argument for the principles of political economy, it is a point of departure for succeeding economic thought. Smith's theories of capital accumulation, growth, and secular change, continue to be influential in modern economics.
Influences/Legacy
Adam Smith's legacy was and still is very apparent in everyday life. He influenced the world in such a way that he became the father of what we know as capitalism today. In the 18th century, he also influenced the Classical school of thought and made it revolve around economic thought.
His writings and speeches all influenced the people of his time and continue to influence people today.
Further Reading
Age-Of-The-Sage.Org, Age of the Sage.Org, www.age-of-the-sage.org/philosophy/adam_smith.html. Accessed 5 Feb. 2018.
Economics Online, Economics Online, www.economicsonline.co.uk/Economic_schools.html. Accessed 30 Jan. 2018.
The Theory of Moral Sentiments, Adam Smith Institute, https://www.adamsmith.org/the-theory-of-moral-sentiments/. Accessed 5 Feb. 2018.